Jump to content

Home Insurance


Leazes1986
 Share

Recommended Posts

I have my home insurance through my bank which is costing me £26 a month, but I was speaking to my mam today and she reckons thats expensive. I've looked through my insurance forms and it says I have Home Insurance Premium, which is probably why im paying so much but I'm doubting whether I even need this type of insurance. I signed up for this when I first moved out though so had absolutely no idea i might have been paying too much. How much does everyone else pay? I've only ever claimed for damage to a TV when I first moved in, it just seems very steep considering. Anyone got any recommendations?

Link to post
Share on other sites

I know it's one of those obvious things but seriously get yourself on a price comparison website. A couple of years ago I got my home insurance halved from when I was with Barclays. Barclays told me they wouldn't price match me and that the reason I should stay with them is because they have such an esteemed "brand" identity. Arseholes. :lol:

Link to post
Share on other sites

Aye it says on one of the forms contents then its got listed underneath stuff like office equipment, lock replacements, freezer contents, money and credit cards, then its got legal liabilities, and legal expenses. It all seems a bit unnecessary when I read it all for what I'm getting out of it. I definitely need to consider elsewhere I think.

Link to post
Share on other sites

Is it worth getting building and contents again or should I just go for contents?

 

 

have you got a mortgage?

 

Not yet, private renting from my cousin but we're getting a mortgage on it at end of next year.

 

 

ok well I dont think as a tenant you need buildings insurance- the owner and mortgage holder will need it as part of thier TandCs.

Link to post
Share on other sites

Is it worth getting building and contents again or should I just go for contents?

 

 

have you got a mortgage?

 

Not yet, private renting from my cousin but we're getting a mortgage on it at end of next year.

 

 

ok well I dont think as a tenant you need buildings insurance- the owner and mortgage holder will need it as part of thier TandCs.

 

Right so I'm best getting contents, then when I buy get it upgraded?

Link to post
Share on other sites

Is it worth getting building and contents again or should I just go for contents?

 

 

have you got a mortgage?

 

Not yet, private renting from my cousin but we're getting a mortgage on it at end of next year.

 

 

ok well I dont think as a tenant you need buildings insurance- the owner and mortgage holder will need it as part of thier TandCs.

 

Right so I'm best getting contents, then when I buy get it upgraded?

 

best speak to your cousin , check hes got it covered first but aye- theres no need for two people to have buildings insurance- may even have invalidated the policies.  and yes- if you get a mortgage on it yourself the provider will insist on it for obvious reasons.

Link to post
Share on other sites

You can get really cheap insurance but its often shite, or more often then not, not enough cover which would leave you screwed in the event of a fire (the worst case scenario really)

 

As a rough rule of thumb you should insure your building for around twice the property value (due to the chance it would need to be knocked down and rebuilt again, plus any damage to adjoining properties if you are in a semi-detached or terrace).

 

And your contents should be calculated at around £8k per room. If your house did burn down, the person surveying the damage and claim would work on a similar figure and say what the payout should be. If he decides for example you need £100k worth of contents, but you only been paying for £50k, it could be argued that you are underinsured by half, and so you would be paid out half of your £50k. (Therefore pocketing £25k and being short of £75k)

 

I definitely wouldn't stay with the same company beyond one year, unless they price match. And obviously excess levels, bicycles, high risk items etc will increase your premium. If you are paying for a premium insurance im guessing you will have extended Buildings and extended Contents as well as Home Emergency. If you do have all of these, you are getting a bargain for £26 a month tho!

 

Basically you need to know what you are paying for, decide what cover you actually need, and do a comparison online for that specific cover. Its a ball ache.

 

EDIT: just read through some more posts - you only need to worry about contents, your landlord will by law be paying for Buildings. £26 a month seems a helluva lot!

Link to post
Share on other sites

Right, I rung up Lloyds today and unbelievably after telling them that I wanted to cancel my building cover and just wanted to keep my contents cover they told me I only had contents cover anyway. £26 a month for contents cover?! Without saying anything else to them they immediately told me they can give me a discount, offering to knock my last 3 bills of this 12 months down to £14 a month so its only nearly £300 a year im paying. Well I told them what I'd found on the internet and the quote I got on their website for a Lloyds contents cover that would suit me which was £11 a month (£50,000 contents cover, freezer, accidental damage, legal costs etc). They tried to continute to talk me into taking their offer of getting a discount on my last 3 months saying that the one ive found will only cover me for £50,000 (I only bloody rent a 3 bedroom flat). So anyway they eventually gave in and took the quote I found so I'm now paying £11.03 to be exact, a decent saving. Can't believe i've been paying so much for contents only after what I've found.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...